iBio Raises $50M in Public Offering, Advancing Cardiometabolic Programs

iBio, a biotechnology company, has raised $50 million in a public offering, with potential to reach $100 million if all warrants are exercised. The funds will advance preclinical cardiometabolic programs, including IBIO-610 and IBIO-600. The offering saw participation from prominent institutional investors, led by Balyasny Asset Management. The funds will be dedicated to furthering iBio's research initiatives and potentially increase its market valuation.

Title: iBio Secures $50 Million in Public Offering, Eyes Potential $100 Million Boost

Biotechnology company iBio, Inc. (Nasdaq: IBIO) has successfully closed a public offering, raising $50 million. The company has the potential to increase its gross proceeds to $100 million if all Series G and Series H warrants are exercised for cash [1].

The financing round was led by Balyasny Asset Management and included participation from several prominent institutional investors, including Cormorant Asset Management, Adage Capital Partners LP, Ally Bridge Group, Marshall Wace, Coastlands Capital, SilverArc Capital Management, Vestal Point Capital, and Ausangate Capital [1].

iBio intends to use the net proceeds from the offering to advance its preclinical cardiometabolic programs, including IBIO-610, a myostatin and activin A bispecific, and IBIO-600. The funds will also support the company’s other preclinical pipeline assets and general corporate purposes [1].

The offering saw the issuance of pre-funded warrants and accompanying Series G and Series H warrants, which are immediately exercisable and have an exercise price of $0.70 per share of iBio’s common stock [1].

iBio’s mission is to leverage AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer, and other hard-to-treat conditions. The company aims to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine [1].

Forward-looking statements included in the press release highlight the potential for the company to achieve significant milestones in its research and development programs. However, these statements are subject to various risks and uncertainties, including market conditions and the ability to secure sufficient additional capital [1].

References
[1] https://finance.yahoo.com/news/ibio-announces-closing-50-million-110000521.html